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themselves down. so super storm sandy in the midwest and impact on agriculture, bodleian flyers, the earthquake, tsunami and it clear reactor accident in japan last year, haiti earthquake. the list is long and worrying. in 2011, we had more disasters in the united states costing over a billion dollars. in fact, even more disasters, but not quite as many in 2012. the drought is super storm are hugely expensive. so disasters are happening with greater frequency, greater severity and absolutely with much, much greater cost. so we are here over the next three days to work across traditional boundaries to connect scientists as part tichenor's, with policymakers from the international to the local level, with conservation organization, with corporations and it is our belief that only, i want to emphasize only by working together can we solve these immense challenges that face us. and the costs are not simply financial, but as we tragically know, and many, many lives are lost in these disasters. and so, if we can come up with just one useful idea in the next three days, the benefit, ev
be monitoring, of course the economics comes to bear. we know about hurricane sandy, anybody has an estimate of what the drought of 2012 has cost us so far? the issue is within agriculture alone, the estimate from usda to date is almost $50 billion within agriculture alone. what ends up happening, and don and others could tell you from work done by the national drought mitigation center, is when we ask, well, where are those impacts coming from, the agricultural impacts constituted about 25% of the total number of of reported impacts that we had seen. water resources, energy, wildfire. and one of the things you order in the last discussion and in this one that is the underappreciated aspect of the impacts of drought and air ridty, the loss of ecosystem sources as they support and supply tourism, recreation, clean water and clear air. we do not have any sense of what the costs of those multiple impacts are. we know a bit about the insured impacts from agriculture, but so, therefore, what needs to be considered? the indicators, as margaret is saying, about how people are economically impacted,
. but there really was a balance sheet driven industry. and along came my friend sandy lyle who i referred to earlier, a brilliant fellow, who through the travelers transaction figured out a way in essence to transform banking to an income statement driven system. i've been a hedge fund for years, as you mentioned. i cared about what i made every year, and it was a different culture than that i experienced as a banker. so i'm not sure we can stuff dodd-frank, that gene, back in the bottle. i'm not saying, we're not saying, our teams are not saying that the holding copies cannot engage in these other activities but other activities but what we're saying is they will not have government guarantees. they will not be able to borrow from the discount window, plain and simple. every simple. everyone of their clients will acknowledge the fact that that money is at risk. so it's not forbidding. it doesn't formally split, but it applies to guarantees only to specific practice, what we would call commercial banking, to deposit taking entity. and to none of the rest it would be made extremely clear. as to the s
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